Vishal Sacheendran, the head of regional markets at Binance, stated that expanding regulation to other areas of blockchain technology beyond digital assets could benefit a range of industries. Sacheendran shared his statement in an August 13 post on Binance’s website.
"Policymakers have an opportunity to broaden their focus beyond virtual assets to consider the revolutionary applications of blockchain across various sectors," said Sacheendran, according to Binance. "By looking beyond the current hype on finance and cryptocurrency, regulators can allocate their resources more effectively. The regulatory approaches that have advanced in the cryptocurrency space can serve as inspiration and guidance, but most things will have to be worked out anew. This strategic regulatory expansion is crucial for unlocking the full potential of blockchain technology across the board."
Sacheendran said existing blockchain-related regulations are mostly aimed at governing digital assets. "The exponentially growing popularity and adoption of virtual assets and the lack of mainstream knowledge about the intricacies of this blockchain application have put them under the spotlight," he said. Specifically regarding regulations in Europe, the Markets in Crypto-Assets (MiCA) has recently been enacted to create a comprehensive regulatory framework for digital assets. "These efforts highlight the massive regulatory attention that virtual assets receive globally," Sacheendran said.
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